By Tim - http://stockstobuy.org
The following is BP plc (BP) stock technical analysis for July 8, 2010
BP plc (BP) Support & Resistance Levels - 7/8/10
Resistance Levels: $34.46, $36.20, $39.50
Support Levels: $32.53, $29
Chart - http://www.stockcharts.com/
Support Levels: $32.53, $29
Chart - http://www.stockcharts.com/
BP plc (BP) broke above and closed over $32.53 Wednesday. BP stock also closed right at the high of the day for the second straight day. This is all very bullish from a technical point of view and we can clearly see that Wall Street is taking risk in BP again. Support for this stock is now located between $29-$30, I'd be a seller on a close below $29. On the upside, the next major resistance level for BP is located at $34.46 as well as $36.10. I'd be selling a retest of the 50 day moving average located at $39.50.
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